Edaily SPN reported that Lee Soo Man will resign from SM Entertainment and that Avex Entertainment has sold off all shares of SM Entertainment. Apparently, SM is stating that Lee Soo Man is resigning so that SM can focus on investments and business development overseas, however I don't see the correlation between the two events. Regardless, Lee Soo Man will no longer be engaged in business activities, however he will still remain the major stakeholder, acquiring another 1.5% of shares from Avex, making his total share of SM Entertainment, 28.3%. In addition, the relationship between SM Entertainment and Avex Entertainment seems to be over, as Avex sold all 15.4% of their shares, with Neowizbugs acquiring the majority of it. Avex Entertainment used to assist in promotions of SM Entertainment artists within the Japanese market, including TVXQ. SM Entertainment was founded by Lee Soo Man on February 14, 1995. So what does this mean for TVXQ? We're not sure, but seeing that Avex Entertainment has sold all of SM Entertainment's shares, it doesn't look like good news. However, there is a silver lining in that Avex's CEO Masato "Max" Matsuura recently blogged and tweeted about how proud he was of TVXQ with their recent accomplishments and achievements (Platinum status and more). Source: Edaily SPN Via: DBSK LJ Community [Thanks to Cyn City for the tip]
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Posted by Wednesday, February 24, 2010
Lee Soo Man resigns from SM Entertainment, Avex sells shares
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